India Problems Needs India Solutions

If a single innovation can transform a country of 140 crore people, it would surely look like India’s Unified Payments Interface (UPI), the instant payment system developed in India and now getting exported across the globe. As Prime Minister Shri Narendra Modi took oath in 2014, one of the first announcements of his cabinet was “Pradhan Mantri Jan Dhan Yojana” (PMJDY)- a National Mission on Financial Inclusion which has an integrated approach to ensure comprehensive financial inclusion by ensuring banking services to all households in the country. The result? To date, 53.13 crore new (PMJDY) accounts have been opened.

However, PMJDY was only a small step toward bringing digital banking into the country. India subsequently forced digital transactions in the country by demonetizing Rs.1000 and Rs.500 currency, constituting around 86 percent of the total currency under circulation. This led to the widespread adoption of the Unified Payments Interface (UPI), which took India to the top of the global digital transactions index. Today, India does more digital transactions than the US, China, and Europe combined.

In truth, over the past decade, India has taken the lead in creating technologies as opposed to being a mute spectator and consumer of technology. Solving societal challenges with futuristic technologies and innovations with foresight has worked for the country. Remember, India-problems always require India solutions. This special issue of CEO Insights sheds light on leaders spearheading innovation in the country. Do let us know your thoughts.